Projections show median house prices will reach that figure in Sydney by 2043 - up from $1.03million today.

The Aussie Home Loans and CoreLogic survey predicts average prices will hit $5.8million in Melbourne, $2.9million in Canberra, $2.5million in Perth and $2.3million in Brisbane - with the biggest increase in Melbourne.

Wages will also increase over this time - but with Australia enduring one of the lowest rates of wage growth in the world, the prospect of houses becoming less affordable is very real.